Forward Industries Inc. said its normalized net income for the fiscal first quarter ended Dec. 31, 2014, was a loss of 12 cents per share, compared with 3 cents per share in the year-earlier period.
Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of $994,220, compared with income of $267,290 in the year-earlier period.
The normalized profit margin dropped to negative 12.5% from 3.2% in the year-earlier period.
Total revenue declined 5.6% year over year to $7.9 million from $8.4 million, and total operating expenses grew 18.5% from the prior-year period to $9.5 million from $8.0 million.
Reported net income came to a loss of $2.1 million, or a loss of 26 cents per share, compared to income of $326,840, or 4 cents per share, in the prior-year period.
